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Industrial Production Declines 8% In August

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Industrial Production Declines 8% In August

Industrial manufacturing declined by Eight per cent in August, primarily resulting from decrease output of producing, mining and energy technology sectors, official knowledge confirmed on Monday. With the gradual leisure of Covid-19 restrictions, there was a relative enchancment within the financial actions by various levels, Ministry of Statistics and Programme Implementation stated in a press launch.

” It may not be appropriate to compare the IIP in the post pandemic months with the IIP for months preceding the COVID 19 pandemic,” the Ministry of Statistics and Programme Implementation stated in an announcement.

According to the Index of Industrial Production (IIP) knowledge, manufacturing sector manufacturing registered a decline of 8.6 per cent, whereas the output of mining and energy segments fell 9.Eight per cent and 1.Eight per cent, respectively.

“India’s August IIP has contracted by 8 per cent compared to contraction of 10.4 per cent in July. A large number of industrial establishments are not working regardless of the unlock. But the pick up in manufacturing and service sector is helping the IIP move in the right direction,” Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services said in a statement.

“For the month of August 2020, the Quick Estimates of Index of Industrial Production (IIP) with base 2011-12 stands at 116.1. The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of August 2020 stand at 83.0, 117.four and 162.7 respectively,” the ministry added.

The IIP had contracted by 1.four per cent in August 2019.

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